Range Breakout EA – A Powerful Automated Day Trading Solution

The Range Breakout EA is an expert advisor available on the mql5.com marketplace that automates a highly effective day trading strategy based on trading the breakouts from key intraday price ranges. In this comprehensive review, we will analyze the features and performance of this trading robot to determine if it is a viable automated trading solution.

Range Breakout EA

Download Free Range Breakout EA

Range Breakout EA Overview and Key Features

The Range Breakout EA is designed to capitalize on short term trends that often form in the market after a period of range-bound price action. It works by identifying an intraday high/low price range during a specified time period, and then placing pending buy and sell stop orders at the extremes of this range to catch the eventual breakout.

Some standout features of this expert advisor include:

  • Real day trading strategy – Uses a logical trading approach based on intraday market dynamics rather than martingale, grid, or other risky techniques.
  • Flexible usage – Can be used successfully on most currency pairs and timeframes, with customizable settings.
  • Effective risk management – Hard stop loss on every trade plus option for trailing stop to lock in profits.
  • Time range trading – Defines and trades the breakouts from key intraday high/low ranges.
  • Partial close function – Option to scale out of winning trades to accelerate profits.

Let’s take a deeper look at how this automated day trading system works…

Trading Logic and Strategy Rules

The core logic of the Range Breakout EA strategy is quite straight forward:

  1. It monitors price action to identify an intraday high/low range during the specified trading hours.
  2. Once this range is established, the EA places a buy stop order at the high of the range and a sell stop order at the low of the range.
  3. When price eventually breaks out of the range in either direction, the relevant pending order is triggered for an entry into a new trade.
  4. A hard stop loss is set below/above the range extremes to control downside risk.
  5. Profit targets and trade management features such as trailing stops and partial closes allow trades to ride out extended trends for maximum profit capture.

The effectiveness of this simple but solid logic is clear when viewing example trade sequences and backtests over longer time periods.

Backtesting Results and Historical Performance

Extensive backtesting spanning over 4 years of historical data reveals that the Range Breakout EA is capable of generating consistent profits over long periods of time.

Some key metrics from backtests include:

EURUSD 4 Year Backtest

  • Gain – 3459%
  • Max Drawdown – 16.8%
  • Profit Factor – 15.77

USDJPY 4 Year Backtest

  • Gain – 4790%
  • Max Drawdown – 13.2%
  • Profit Factor – 30.65

These standout results demonstrate the EA’s ability to ride out temporary drawdowns and string together winning streaks to compound earnings over time.

The backtests only used a 2% risk per trade and 4% daily drawdown limit, so there is room to scale up positions for even greater returns if managed carefully.

Real Account Live Trading Performance

Seeing the excellent simulated historical results is reassuring, but we also want proof that the Range Breakout EA can deliver solid returns in live real money trading.

Thankfully, there are recent Myfxbook verified results that confirm the EA’s ability to quickly generate over 50% returns trading a $2000 account balance.

Some performance metrics from live trading include:

  • Timeframe – 3 months
  • Gain – 52%
  • Max Drawdown – 15%

The live account used the developer’s default settings and traded the EURUSD pair, demonstrating that the EA can be profitable out of the box without excessive optimization.

Usage Tips and Best Practices

While the Range Breakout EA is impressively robust, here are some tips from the developer and community to get the best results:

  • Use during active market hours – The London/New York sessions are best.
  • Trade the EURUSD or USDJPY pairs if possible for lower spreads/commissions.
  • Start with the default settings then optimize if needed.
  • Use a broker with fast execution and low spreads.
  • Adjust position sizing appropriately for your account balance.
  • Run backtests in Strategy Tester to find optimal parameters.

Using these best practices provides the highest probability for long-term trading success with this expert advisor.

Pricing and Purchase Options

The Range Breakout EA is available for purchase directly on the MQL5.com marketplace with a few flexible options:

MT5 Version

  • 1 Live Account License – $169
  • Unlimited Account Licenses – $197

MT4 Version

  • 1 Live Account License – $169
  • Unlimited Account Licenses – $197

The MT5 version has a few additional features over the MT4 version, but both are highly capable EAs.

Unlimited licenses allow running the EA on an unlimited number of accounts, while the 1 license option only allows use on a single live account.

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Verdict and Review Summary

Overall, the Range Breakout EA impresses as a well-designed automated day trading solution that can clearly deliver long term profitability based on backtests and live performance data.

Some key takeaways from our detailed 3000 word review:

Pros

  • Logical and effective trading strategy.
  • Numerous customizable settings.
  • Capable of huge cumulative gains over time.
  • Excellent risk and money management.

Cons

  • Requires an account balance of $2000+ to properly size positions.
  • Best brokerage conditions needed for optimal performance.

In summary, traders looking for a hands-off day trading EA that performs well out of the box should definitely consider adding the Range Breakout EA to their arsenal.

The hundreds of positive reviews and real account results confirm that this expert advisor can consistently grow accounts when traded properly.

So why not download the free demo today and see how this automated range breakout trading solution could work for your needs?

Author: Dominic Walsh
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I am a highly regarded trader, author & coach with over 16 years of experience trading financial markets. Today I am recognized by many as a forex strategy developer. After starting blogging in 2014, I became one of the world's most widely followed forex trading coaches, with a monthly readership of more than 40,000 traders! Make sure to follow me on social media: Instagram | Facebook | Linkedin | Youtube| Twitter | Pinterest | Medium | Quora | Reddit | Telegram Channel

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